- Mobilization of seismic equipment to Israel enroute
- Will be largest high-density land 3-D seismic survey in Israel
DALLAS and CAESAREA, Israel, Aug. 15, 2019 /PRNewswire/ -- Zion Oil & Gas, Inc. (ZN) announces they have signed an agreement for geophysical acquisition services with Acoustic Geophysical Services KFT ("AGS"), an international seismic company based in Budapest, Hungary.
"We estimate that the vessels carrying the trucks and equipment will arrive by the end of August," Zion's COO, Robert Dunn said. "Barring any unforeseen circumstances, we expect the equipment to be on location within the first few weeks of September."
"We are pleased with our progress to date on this important 3-D seismic survey," stated Zion's President, Bill Avery. "We believe it will be the largest high-density land 3-D seismic acquired to date in Israel."
AGREEMENTS AND UPDATE ON 3-D SEISMIC PROJECT
In addition to the signed AGS agreement and expected equipment arrival, Zion reported significant progress on the following items:
- The Ministry of Transport formally approved the importation of seismic source vehicles effective August 2.
- ASG has started mobilization of its equipment in Europe to the port of Koper, Slovenia.
- As of August 3, the advance mapping team, along with Zion's contractor, completed preparation of the geophone locations in and around local town areas. Detailed infrastructure mapping is also completed.
- The landowner permitting process continues unabated and is expected to be completed by the first week of September.
- The geophysical survey crew is mobilizing mid-August and should be on location by August 26th. The survey crew will start staking out the program, allowing the recording crew to then deploy equipment.
- The data acquisition crew is expected to begin equipment testing by September 7, and deployment of equipment will immediately follow the testing.
"We want to thank our dedicated shareholders and the nation of Israel for the opportunity to become true pioneers with this 3-D program," expressed Zion's CEO, John Brown. "We also would like to acknowledge the hard work of Zion's Israeli team for the tremendous effort and professionally navigating the logistical challenges."
Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.
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FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata that may be drilled or tested in the future, Zion's ability to successfully raise the funds needed to undertake these exploration efforts; Zion's ability to continue as a going concern; Zion's ability to comply with the continued listing requirements of the Nasdaq Capital Market; Zion's ability to import into Israel or otherwise obtain the necessary 3-D imaging and related equipment and appropriate staff at commercially reasonable rates, Zion's success in obtaining the necessary licenses and permits needed to undertake the seismic shoot, the timing of the 3-D seismic survey and the interpretation of the results, operational risks in ongoing exploration efforts, Zion's ability to raise the capital needed to complete the 3D survey and the interpretation of the results thereof, timing and potential results thereof and plans contingent thereon are forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
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